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PEPSI BRAND INVENTORY 1

PEPSI BRAND INVENTORY

Jenna Beach

IMC 613 Brand Equity Management

West Virginia University

April 21, 2014


Table of Contents

Executive Summary ......................................................................................................................3

Brand Inventory ............................................................................................................................

Brand Position ..................................................................................................................

Target Audience ...............................................................................................................

Category Need ..................................................................................................................

Key Brand Benefits ...........................................................................................................

Purchase Motivators..........................................................................................................

Brand Character ................................................................................................................

Brand Portfolio ..............................................................................................................................

Brand Meaning ..............................................................................................................................

Brand Performance ...........................................................................................................

Brand Imagery ..................................................................................................................

Brand Personality..............................................................................................................

Brand Feelings ..................................................................................................................

Brand Judgments ..............................................................................................................

Brand Elements .............................................................................................................................

Brand Association .........................................................................................................................

Marketing Support Programs .........................................................................................................

Competitive Environment ..............................................................................................................

Brand Hierarchy ............................................................................................................................

References.....................................................................................................................................


Executive Summary

The purpose of this brand inventory is to provide a current, comprehensive profile of how all the

products sold by Pepsi are marketed and branded as well as suggest what consumers’ current perceptions

are based on (Keller, 2013e). Moreover, this inventory serves as an “assessment of the health of the

brand and its sources of brand equity from the company’s perspective” (P.I. Reed School of Journalism,

2014b). The company currently positions itself based on the following positioning statement: To many

young, active urban natives, Pepsi is the brand of refreshing non-alcoholic beverages that offers a wide

selection of products to hydrate and quench the thirst of consumers while satisfying taste buds with sweet

and bubbly formulas. The Pepsi brand character is youthful, strong, aggressive, hip, forward-thinking,

highly reputable, and environmentally-conscious.

As a company that currently operates in over 200 countries and territories, diversity and inclusion

are essential to Pepsi’s growth and success (PepsiCo, n.d.a). Pepsi continuously strives to mirror and

replicate the diversity of its consumer base to have a better understanding of its consumers (PepsiCo,

n.d.a). Through strategic acquisitions, partnerships, and new product developments, Pepsi has expanded

its brand portfolio over the past two decades to offer a variety of products for every occasion and lifestyle

(PepsiCo, n.d.b). Moreover, Pepsi has worked tirelessly over the years to create a strong, unique, and

reputable brand image. Because Pepsi is a challenger brand in the beverage industry, the company must

make more diligent efforts to “ensure consumers’ experiences with the product at least meet, if not

actually surpass their expectations” (Keller, 2013c, p. 84).

Pepsi currently offers a variety of beverages its consumers want with quality and trusted primary

ingredients. For many decades, Pepsi has utilized aggressive strategies in its marketing support programs

to further increase brand awareness and recognition of the iconic brand. Pepsi greatly benefits from

various marketing promotions including social media campaigns, print and digital advertising,

philanthropic activities, grassroots marketing, athletic and event sponsorships as well as product sampling

and its infamous Super Bowl commercials.


Brand Inventory

Brand Position

“The brand position, defined as how a brand wants its customers to perceive, think and feel about

the brand in the marketplace, is one of the single-most important aspects of building a brand” (P.I. Reed

School of Journalism, 2014a). According to Keller, “brand positioning is at the heart of marketing

strategy” (2013b, p. 51). As a company that currently operates in over 200 countries and territories,

diversity and inclusion are essential to Pepsi’s growth and success (PepsiCo, n.d.a). Pepsi continuously

strives to mirror and replicate the diversity of its consumer base to have a better understanding of its

consumers (PepsiCo, n.d.a). Rather than taking an offensive approach, Pepsi utilizes niche positioning to

focus on dominating a segment of the soft drink category (P.I. Reed School of Journalism, 2014a).

In order to effectively connect with its consumers, Pepsi recognizes that the foundation of its

success must first start with its employees. “Creating a culture of respect and trust is part of PepsiCo's

values and it's the source of our strength in the marketplace,” said Pepsi Chairman and Chief Executive

Officer, Indra Nooyi, Nooyi further explained, “We recognized early that when we transform our business

to deliver for our consumers, protect our environment, and invest in our employees, we achieve sustained

value” (Nooyi, n.d.).

To many young, active urban natives, Pepsi is the brand of refreshing non-alcoholic beverages

that offers a wide selection of products to hydrate and quench the thirst of consumers while satisfying

taste buds with sweet and bubbly formulas. The Pepsi brand character is youthful, strong, aggressive, hip,

forward-thinking, highly reputable, and environmentally-conscious. A further investigation of the five

distinct elements that compose Pepsi’s position are subsequently outlined.

“We recognized early that when we transform our business to deliver

for our consumers, protect our environment, and invest in our

employees, we achieve sustained value”

- Indra Nooyi, Pepsi Chairman and Chief Executive Officer


Target Audience. As stated by Interbrand (2013) “a stronger overall focus on the consumer

experience is elevating Pepsi’s connections with consumers.” Who exactly are these consumers that are

most influenced and motivated by the Pepsi brand? As evident in many of its advertisements and

branding efforts, Pepsi has historically targeted a younger, urban audience of single, active teenagers and

young adults. The majority of Pepsi’s

market is comprised of men and women

aged 16 to 45 who are typically middle

class, middle income, and rural and

urban dwellers. The Business Insider

suggested that “Pepsi fans are less likely

to have attended college or speak more than one language” (Horowitz, 2011). Furthermore, Pepsi has

identified its consumers as those who are interested in sports and entertainment and are proven brand

loyalists.

Category Need. Since the 17th century when soft drinks were first marketed, there has been an

increased demand for carbonated beverages. Pepsi successfully entered the market one century later as

one of the leading providers of refreshing non-alcoholic beverages (PepsiCo, n.d.c). Over the years, Pepsi

has evolved its brand as consumers’ wants and demands have changed. To appeal to a large consumer

demographic, Pepsi has expanded its brand portfolio to fulfill the current category need.

Key Brand Benefits. According to Keller, “brand benefits are the personal value and meaning

that consumers attach to the product of service attributes” (2013b, p. 49). When consumers are thirsty,

need to placate cola cravings, or are in need a boost of caffeine, Pepsi has an extensive portfolio of

products to satisfy fundamental beverage needs.

Purchase Motivators. “To reinvigorate its namesake brands after losing market share to Coca-

Cola Co. in recent years,” Pepsi has included a mix of artificial sweeteners in its colas and continues to

offer a bold, refreshing, and sweet tasting cola that many individuals find appealing (Choi, 2012).


Consumers of Pepsi products enjoy the variety of formulas and is the key motivator for their purchases

and loyalty to the brand.

Brand Character. Although Pepsi is considered to be a unique challenger brand of Coca-Cola,

the company continues to position itself on the cutting-edge of the beverage industry. Rather than

continuing to be dominated and overshadowed by its competitors, Pepsi embraces an aggressive branding

approach to communicate a hip and youthful brand image to its consumers.

Brand Portfolio

One of the key concepts in defining brand architecture is the brand portfolio (Keller, 2013).

Through strategic acquisitions, partnerships, and new product

developments, Pepsi has expanded its brand portfolio over the

past two decades to offer a variety of products for every

occasion and lifestyle (PepsiCo, n.d.b). “As a result, Pepsi-

Cola today is the flagship brand in a portfolio of liquid

refreshment beverages that includes 14 billion-dollar brands and spans carbonated soft drinks, juices and

juice drinks, ready-to-drink teas and coffees, sports drinks and bottled waters” (PepsiCo, n.d.b). Table 1

below outlines the foremost Pepsi cola products. Additionally, Pepsi’s extended sub-brand portfolio

includes a variety of beverages including Mountain Dew, Gatorade, Sierra Mist, Aquafina, Tropicana

Pure Premium, AMP Energy, Propel, Mug, SoBe, IZZE, and Naked Juice (PepsiCo, n.d.b).

Pepsi’s current primary brands come together to offer unique and refreshing colas that appeal to a

broad audience. In a recent article from the Food Navigator, Nooyi recently stated, “new non-cola

products sweetened with stevia and sugar will hit the US market this year, while cola products combining

stevia and sugar will be tested in other markets” (Watson, 2013). From a company’s perspective, having

a variety of offerings positions Pepsi as a cutting-edge provider of soft drinks and adds depth and value to

the organization.


Table 1. Pepsi's Brand Portfolio

Current Brands of Pepsi Cola

Pepsi

Traditional cola

taste sweetened with real sugar

Caffeine Free Diet Pepsi

Caffeine free, sugar

free, and low sodium cola

Caffeine Free Pepsi

Traditional cola

without the caffeine

Diet Pepsi

Zero calorie cola

with maximum taste

Wild Cherry Pepsi

Cherry flavored cola

Diet Wild Cherry Pepsi

Cherry flavored diet

color with other natural flavors. Contains no

juice, sugar free

Pepsi Max

Zero-calorie cola

Pepsi Throwback

Cola flavored with beet

sugar instead of high

fructose corn syrup

Pepsi Lime

Lime flavored cola

Pepsi Next

Real cola taste with

60% less sugar

Diet Pepsi Lime

Cherry flavored diet

color with other natural

flavors. Contains no

juice, sugar free

Brand Meaning

As stated by Keller, “creating brand meaning includes establishing a brand image–what the brand

is characterized by and should stand for in the minds of consumers” (2013, p. 83). Pepsi has worked

tirelessly over the years to create a strong, unique, and reputable brand image. The Pepsi brand is

“committed to achieving business and financial success while leaving a positive imprint on society” and

continuously striving for an image that portrays elements of honesty, fairness, and integrity (PepsiCo,

n.d.d). Its number one competitor, Coca-Cola has positioned itself positively to focus on and satisfy the

desires and needs of its consumers while preserving an image of value and genuineness to its consumers

(The Coca-Cola Company, 2014b). While Pepsi and Coke continue its cola battle, the Dr. Pepper

Snapple Group strives to “be the best beverage business in the Americas” (Dr. Pepper Snapple Group,


2014b). The Dr. Pepper Snapple group focuses on customers' and consumers' needs while creating a

transparent and honest brand image (Dr. Pepper Snapple Group, 2014a).

Brand Performance

Because Pepsi is a challenger brand in the beverage industry, the company must make more

diligent efforts to “ensure consumers’ experiences with the product at least meet, if not actually surpass

their expectations” (Keller, 2013c, p. 84). Pepsi currently offers a variety of beverages its consumers

want with quality and trusted primary ingredients. For its consumers, the Pepsi website has an extensive

ingredient glossary that helps explain how each essential ingredient works together to create the perfect

beverage. On the other hand, Coca-Cola has been widely criticized for its ingredients. Prior to

prohibition laws, the original Coca-Cola soft drink had questionable ingredients such as cocaine-laced

coca leaves and caffeine from the kola nut (Nordin,

2011). Moreover, the acidic ingredients in Coca-Cola

have been recognized as a household cleaner that has

the ability to clean toilets; remove grease stains,

blood, and rust; clean car batteries and engines; and

strip paint off metal furniture among many other uses

(Collective Evolution, 2013). Additionally, Pepsi is

making strides to include new supplementary features that will position its cola brands to a whole new

level. In 2012, Pepsi began the proper steps to “patent a method of encapsulating aromas within beverage

packaging to entice US consumers with ‘favorable aromas’ before they drink” (Bouckley, 2013)

Brand Imagery

According to Keller, Brand Imagery can be defined as the intangible associations of the brand

(2013c, p. 85). Pepsi’s uses its global, prestigious, and timeless image to its advantage to fulfill

consumers’ psychological and social needs. Moreover, Pepsi has used popular and well-known

celebrities including Beyoncé, Jeff Gordon, Nicki Minaj, Britney Spears, Ray Charles, and Sofia Vergara

to appeal to the social needs of consumers. All of the celebrities used in Pepsi’s advertisements have fun,


adventurous, and high-status appeal which is exactly the image Pepsi seeks to portray its cola products.

Rather than employing celebrities to promote its products in its latest campaign, the Dr. Pepper Snapple

Group uses real people with real stories to create a more personalized brand image to consumers (Bazil,

2013). Often times, celebrity-endorsed brand can often take the brunt of the negative traits associated

with the celebrity; therefore, the Dr. Pepper Snapple Group’s efforts to take a more real-world approach is

highly commendable and should be considered by Pepsi for future endeavors. Meanwhile, Coca-Cola has

been making efforts to create a healthier brand image that highlights America’s obesity issue by heavily

promoting its line of reduced calorie beverages.

Brand Personality

Brands have the ability to take on human-like personalities that have the potential to influence

consumer consumption. Likewise, “Once brands develop a personality, it can be difficult for consumers

to accept information they see as inconsistent with that personality” (Keller, 2013c, p. 87). The Pepsi’s

brand has a multidimensional personality including traits of sincerity, excitement, and adventure that

speaks to a younger audience. As evident in many of in its commercials and print advertisements, Pepsi

is more edgy and thrilling and in tune with more active and vibrant consumers. Conversely, Coca-Cola

has captivated an older audience with its classic, honest, successful, and traditional brand personality. Its

classic and vintage appeal stems from its established early market dominance over Pepsi as it was the first

beverage company to enter the market. The Dr. Pepper Snapple Group differentiates itself from Pepsi and

Coca-Cola by taking on more wholesome and imaginative brand personality. Known for its down-to-

earth approach to marketing, the Dr. Pepper Snapple Group continues to please cola enthusiasts across the

world (Dr. Pepper Snapple Group, 2013).


Brand Judgments

The judgments of a brand are essentially what help form personal opinions and evaluations of the

brand. Overall, the Pepsi brand distinguishes itself from its competitors with its preeminent brand quality

and esteemed credibility. Pepsi provides many flavorsome beverages without sacrificing quality and

positions its brands as superior to its competition. This forward-thinking frame of mind can ultimately

assist in consumers’ attitudes towards the brand.

Brand Feelings

As stated by Keller, “brand feelings are customers’ emotional responses and reactions to the

brand” (2013c, p. 90). All three cola companies have created unique brand feelings that attempt to earn

the trust and respect of consumers worldwide. The Pepsi brand is portrayed as an exciting and fun

company that is deeply connected to its consumers while Coca-Cola describes its brand as joyful, warm,

and friendly. The efforts made by both cola companies evoke different feelings from consumers and

many loyalists would likely agree that there is no substitution for their preferred brand of cola. The

feelings the brand provides to many individuals serve as a sense of security and social approval.

Brand Elements

According to Keller, brand elements are those “trademarkable devices that serve to identify and

differentiate the brand” (2013, p 114). Brand elements including the Pepsi brand name, logo and symbol,

slogan, spokesperson, and packaging work together simultaneously to make Pepsi stand apart from its

competitors. Table 2 is a comprehensive assessment of Pepsi’s brand elements, comparing and

contrasting to its key competitors, Coca-Cola and the Dr. Pepper Snapple Group.

Table 2. Brand Element Comparison

Brand

Element

Coca-Cola Pepsi Dr. Pepper Snapple

Group

Brand Name Highly recognizable Highly recognizable Moderately recognizable

Logos and

Symbols


Slogan “Life Begins Here” “Live for Now” “There's just more to it”

Spokesperson Real-life endorsers Celebrity endorsers B-list celebrity endorsers

Jingles Coca-Cola has had the same jingle for years

despite slight variations

and can be easily recalled by many

Pepsi currently uses music in its commercials rather than a

canned jingle. This can

hinder brand association and decrease memorability

Dr. Pepper Snapple Group does not utilize a jingle in

its branding efforts

Packaging Simple and clean Sleek and modern Simple and clean

Brand Association

Memorability

“A necessary condition for building brand equity is achieving a high level of brand awareness”

(Keller, 2013d, p. 115). Pepsi has a highly recognizable brand name across the globe and is inherently

memorable and attention-getting which helps in overall consumption. The brand has successfully

positioned itself in the marketplace so that the Pepsi brand name can be easily recalled by consumers.

Meaningfulness

According to Grayson (2013), the color red can be described as exciting, youthful, and bold while

the color blue is associated with dependability, trust, and strength. The colors used in the Pepsi logo and

packaging are great indicators of the type of brand Pepsi aspires to be and suggests the position taken by

the company. Furthermore, the combination of colors can ultimately persuade consumers to be able to

properly identify Pepsi products.

Likeability

Pepsi’s packaging is modern and sleek and is aesthetically pleasing which helps identify the

brand, convey descriptive persuasive information, facilitate transportation and protection, assist in at-

home storage, and aids in product consumption (Keller, 2013d). Moreover, Pepsi uses celebrities as its

spokespeople which help the brand more fun and interesting.

Transferability

Because Pepsi is a global brand, its brand elements must be able to transfer through various

cultures and regions. Pepsi’s iconic symbol and logo as well its slogan are easily transferable within


various product categories and across geographic boundaries and cultures. All three elements work

together synonymously to successfully introduce the Pepsi brand into new markets.

Adaptability

Over the years, the Pepsi logo has adapted its image as well as its logo to aid in product

consumption (Keller, 2013d). To remain contemporary and relevant to consumers, Pepsi has embraced

change as evident in its various logo forms. Below is the evolution of the Pepsi logo which has proven its

ability to adapt over time.

Figure 1. The evolution of the Pepsi logo

Protectability

The Pepsi brand is legally and highly protected from any unauthorized use. Its logo, symbol, and

brand name cannot be infringed by another company cannot utilize and copy either the logo or the

symbol. According to Pepsi’s website, all content on its site including design, graphics, logos, icons,

images, audio clips, and downloads is the exclusive property of and owned by PepsiCo, its licensors or its

content providers and is protected by copyright, trademark and other applicable laws” (n.d.)


Marketing Support Programs

For many decades, Pepsi has utilized aggressive strategies in its marketing support programs to

further increase brand awareness and recognition of the iconic brand. Pepsi recently stated the following

in its 2013 Annual Report:

“Our beverage, snack and food brands compete on the basis of price, quality, product variety and

distribution. Success in this competitive environment is dependent on effective promotion of

existing products, introduction of new products and the effectiveness of our advertising

campaigns, marketing programs, product packaging, pricing, increased efficiency in production

techniques, new vending and dispensing equipment increased efficiency in production techniques,

new vending and dispensing equipment and brand and trademark development and protection.

We believe that the strength of our brands, innovation and marketing, coupled with the quality of

our products and flexibility of our distribution network, allows us to compete effectively”

As Keller described, “understanding the needs and wants of consumers and organizations and devising

products and programs to satisfy them are at the heart of successful marketing” (2013a, p. 40). Pepsi

currently organizes its marketing programs based on the four P’s of marketing: Product, Place, Price, and

Promotion.

Pepsi’s primary product is its regular cola, diet cola, and its reduced-calorie cola. Pepsi currently

operates in over 200 countries and territories and distributes its varied portfolio of products to billions of

customers each year. The price of Pepsi soft drinks depend on the availability and geographic location of

the products. The average price of Pepsi products can range anywhere from $.50 to $10 depending on

how the product is purchased. Small cans of Pepsi cola can be easily purchased at a minimal cost in

vending machines as well as 24 pack (cases) for a relatively nominal cost.


Promotion

Pepsi greatly benefits from various marketing promotions including

social media campaigns, print and digital advertising, philanthropic

activities, grassroots marketing, athletic and event sponsorships as well as

product sampling and its infamous Super Bowl commercials.

Competitive Environment

While Pepsi continues to focus on a more diversified brand portfolio with many leading brands in

some of the fast growing beverage categories, it recognizes that its largest competitor is Coca-Cola. Pepsi

stated in its most recent annual report that “The Coca-Cola Company is our primary beverage competitor.

Other food and beverage competitors include, but are not limited to, ConAgra Foods, Inc., DPSG,

Kellogg Company, Kraft Foods Group, Inc., International, Inc., Monster Beverage Corporation, Nestlé

S.A., Red Bull GmbH and Snyder’s-Lance, Inc. In many markets, we also compete against numerous

regional and local companies (PepsiCo, 2013). Pepsi also recognizes that many of its snack and food

brands hold significant leadership positions in the snack and food industry worldwide while The Coca-

Cola Company has significant carbonated soft drink (CSD) share advantage in many markets outside the

United States” (PepsiCo, 2013).

Coca-Cola

Pepsi’s primary and longstanding competitor is Coca-Cola. Coca-Cola is the world's largest

beverage company and currently dominates the beverage industry as the market leader. The Coca-Cola

brand portfolio includes over 3,500 beverages and 16 major brands. Its classic reputation, longevity, and

success are key factors that rival many of its competitors. Coca-Cola’s consumers span over 200

countries and enjoy its expansive product line consists of diet and sparkling colas, fruit juices, water,

sports drinks, tea, and coffee (The Coca-Cola Company, 2014a).


Dr. Pepper Snapple Group

In addition to Coca-Cola, Pepsi also

aggressively competes with the Dr. Pepper Snapple

Group. The Dr. Pepper Snapple Group is the third

largest food and beverage company in the world and has

begun leveraging popularity of its brands in North

America and the Caribbean. “With a brand heritage

spanning more than 200 years, Dr. Pepper Snapple Group’s portfolio includes more than 50 brands and

hundreds of flavors of carbonated soft drinks, juices, teas, mixers, waters and other beverages” (Dr.

Pepper Snapple Group, n.d.).

Market Share

Over the years, Coca-Cola has endured consistent, long-term growth and continual dominance in

the American beverage industry with 42.4% market share (Blanc, 2014). As a challenger brand, Pepsi has

made great strides to control a large portion of the market share. Although Coca-Cola owns the majority

of the market share, Pepsi currently captures 27.7% of the market share. Moreover, data from Beverage

Digest suggest that the Dr. Pepper Snapple Group currently operates with the third lowest percentage of

market share at 16.9% (CNBC, 2014). A summary of this data are outlined in Figure 2 All three brands

vigorously compete against one another and continue to battle for a larger portion of the market share. In

short, Pepsi is in a great position to increase market share to closely rival Coca-Cola while the Dr. Pepper

Snapple Group will likely trail further behind.

Points-of- Parity and Points-of-Differences

The points-of-parity and the points-of-difference help differentiate Pepsi from its main

competitor, Coca-Cola and its second rival, the Dr. Pepper Snapple Group. A comparative analysis of

each of these parities is outlined in Figure 3 below.


Figure 3. Points of Parity and Points-of Difference

Brand

Name

Cola-Cola Pepsi Dr. Pepper Snapple Group

Points-of-

Parity

World’s largest cola

company

World’s second largest

cola company

World’s third largest cola

company

Strong brand history Refined brand history Established brand history

Classic brand image Modern brand image Simplistic brand image

Points-of-

Differences

Cola is not as sweet with

vanilla and acidic undertones

Sweeter tasting cola with

citrus undertones

Spicy tasting cola with fruit

undertones

Extensive brand portfolio Iconic and relevant brand portfolio

Diverse brand portfolio

Associated with happiness

and joy

Associated with

adventure and fun

Associated with eccentricity

and uniqueness

Brand Hierarchy

Pepsi’s primary brands include several variations and flavors of cola including Pepsi, Diet Pepsi,

Pepsi Max, Cherry Pepsi, Diet Cherry Pepsi, and various limited edition flavors. Pepsi’s current primary

brands come together to offer unique and refreshing colas that appeal to a broad audience. Moreover,

Pepsi’s extended sub-brand portfolio includes a variety of beverages including Mountain Dew, Gatorade,

Sierra Mist, Aquafina, Tropicana Pure Premium, AMP Energy, Propel, Mug, SoBe, IZZE, and Naked

Juice (PepsiCo, n.d.b). All of Pepsi’s brands cater to different market segments and rarely cannibalize

each other’s sales. Figure 4 below is an illustration of Pepsi’s brand hierarchy.

Figure 4. Pepsi Brand Hierarchy

PepsiCo

Primary Pepsi

Colas

Energy Beverages

Secondary Colas

Pepsi Cola

Diet Pepsi Cola

Pepsi Max Sierra Mist

Juices and Other

Products

Aquafina Propel AMP Energy

Mug Root Beer


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